农产品期权策略早报：农产品期权-20250930

1. Report Industry Investment Rating - Not provided in the given content 2. Core Viewpoints of the Report - The agricultural product options market shows a mixed trend, with oilseeds and oils being weakly volatile, while some products like apples show a warming - up trend. Strategies mainly focus on constructing option combination strategies based on sellers to enhance returns [2]. 3. Summary by Relevant Catalogs 3.1 Futures Market Overview - Various agricultural product futures have different price changes, such as a 0.13% decline in soybean No.1 (A2511), a 0.22% decline in soybean No.2 (B2511), and a 0.49% increase in peanuts (PK2511) [3]. 3.2 Option Factor - Volume and Open Interest PCR - Different option varieties have different volume and open - interest PCR values, which reflect the strength of the option underlying market and the turning point of the market. For example, the volume PCR of soybean No.1 is 0.60, and the open - interest PCR is 0.49 [4]. 3.3 Option Factor - Pressure and Support Levels - The pressure and support levels of different option varieties are analyzed. For instance, the pressure level of soybean No.1 is 4000, and the support level is 3900 [5]. 3.4 Option Factor - Implied Volatility - The implied volatility of different option varieties shows different trends. For example, the implied volatility of soybean No.1 is 11.265%, and the weighted implied volatility is 13.07% [6]. 3.5 Option Strategies for Different Product Categories 3.5.1 Oilseeds and Oils Options - Soybean No.1: Build a short - biased call + put option combination strategy and a long collar strategy for spot hedging [8]. - Soybean Meal: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy, and a long collar strategy for spot hedging [10]. - Palm Oil: Build a short - biased call + put option combination strategy and a long collar strategy for spot hedging [11]. - Peanuts: Construct a bear - spread put option strategy and a long collar strategy for spot hedging [12]. 3.5.2 Agricultural By - product Options - Pigs: Build a short - biased call + put option combination strategy and a long - spot + short - out - of - the - money call option strategy [12]. - Eggs: Construct a bear - spread put option strategy, a short - biased call + put option combination strategy [13]. - Apples: Build a long - biased call + put option combination strategy [13]. - Jujubes: Build a long - biased wide - straddle option combination strategy and a long - spot + short - out - of - the - money call option strategy [14]. 3.5.3 Soft Commodity Options - Sugar: Build a short - biased call + put option combination strategy and a long collar strategy for spot hedging [14]. - Cotton: Build a short - biased call + put option combination strategy and a long - spot + long - put + short - out - of - the - money call option strategy [15]. 3.5.4 Grain Options - Corn: Build a short - biased call + put option combination strategy [15].